Lipman brothers re-up with UMG

Republic Records founders sign long-term pacts with the company

Republic Records founders Monte and Avery Lipman have reupped with Universal Music Group, signing new long-term pacts with the company and receiving a title bounce.

Monte Lipman, previously prexy-CEO, will take the title of chairman-CEO of the company he co-founded in 1995, while sibling Avery, formerly co-prexy-COO, has been named prexy-COO. Announcement was made jointly by UMG chairman-CEO Lucian Grainge and Barry Weiss, UMG chairman-CEO of East Coast labels.

The brothers’ boost comes a little more than a year and a half after UMG’s most recent contract extension with the Lipmans (Daily Variety, July 12, 2011).

Grainge said in a statement, “Monte and Avery have established themselves as one of the industry’s most formidable creative teams. They are truly world-class music executives who have rewritten the rules for breaking new talent. We couldn’t be more delighted that they will continue building Republic as a home for truly inventive artists.”

The new promotions and deals can be seen as a reward for Republic’s ongoing success. Last year, the label broke Gotye’s Grammy-nominated smash “Somebody That I Used to Know” and issued Psy’s YouTube phenomenon “Gangnam Style” via Scooter Braun’s Schoolboy Records imprint. Republic has also seen success with Of Monsters and Men, the Weeknd and Florence & the Machine.